In this age of online data transfers, cybersecurity is of prime importance, especially for the fact that businesses are reported to have lost millions of dollars to even a small leak or a single data breach. Blockchain, a common name in the field of cryptocurrency is gradually seeping into the domain of Big Data (another big name in businesses) to enhance the level of security for products. Both, when combined are said to prevent possible data leaks. Once the information is stored on the channel, even the most senior in the hierarchy need to go through multiple checkpoints to be able to access the data.
In other words, the blockchain allows sharing data more smoothly. Using the blockchain technology adds another data layer to the Big Data analytics services. This means blockchain-generated Big Data is secure as it cannot be forged due to the network dynamics. It is also noteworthy that blockchain-based Big Data is structured, abundant and complete, making it comprehensive for further analysis.
How does the Duo Stop Fraud?
Be it banking or hospitality administration, the blockchain prevents fraudulent activities in real-time. The blockchain structure allows financial institutions to check every transaction in real-time. This helps financial institutions to predict future fraudulent transactions and take ample measures to prevent them. The same holds true for healthcare units that hold crucial patient details worth millions of dollars. A single leak is not only damaging for the image of the healthcare center but it can lead to a huge loss in the part of the revenues generated by the sector.
Blockchain is at the core of computer technologies. It is a cryptographically secured distributed database technology that stores and transmits information. Each record in the database is called a block and contains a number of details such as the transaction date and a link to the previous block.
One of the biggest advantages of blockchain technology is it is decentralized. In fact, no one controls the data entered or their integrity. It has multiple checkpoints that are continuously monitored by various computers, which have the same information. In fact, even if one computer holds false information, it cannot enter the chain because it will not match the information available on the other computers. Simply put, as long as the network exists, the information remains in the same state.
Transforming the Healthcare Sector
Blockchain and Big Data, together have become the right choice for developers, providers, and payers to ensure that quick delivery time is achieved while leveraging data to improve customer experience. The combination has often by lauded by developers to offer a speedy and substantial return on investment and are considered as game-changers. These days, blockchain is often used as a mechanism to produce metadata about the datasets available at multiple organizations.
The metadata of the shared blockchain helps in discovering information and the successful exchange of the data. The blockchain creates a pointer where the full data set is stored, allowing discoverability without requiring the entire data set to move each time someone wants to conduct a transaction.
This helps organizations in retaining sensitive data, such as protected health information and personally identifiable information of the blockchain, thus reducing improper usage and reducing the risk of a breach.
Blockchain, along with Big Data, has other rewarding consequences in the healthcare industry. Owing to this combined technology, patients can now be appropriately handled, without being bothered about mishandling or misdiagnosed. Similarly, two physicians who support the same patient will not have access to two different sets of data.
Blockchain actually enhances the transparency of data analysis. For instance, if an entry cannot be verified, it gets rejected automatically.
Big Data analytics is essential for tracking transactions and enabling businesses that use the blockchain technology to make better decisions. With time, government organizations are realizing the importance of both the technologies and are planning to adopt them. They indeed are a match made in heaven, promising of huge profits for businesses that are forward-looking and cautious about the profit propositions they may offer to the organizations. Blockchain and Big Data together shape a new level of analytics that makes for a secure environment for hospitality and the financial sector.
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